IMO most people have no idea what European reality is and what is going on. What the Eurozone is doing is forcing the banks and banking systems to restructure and come up with a viable business model, so that they can stand on their feet in the future.

The Eurozone has to deal with tremendous inefficiencies from the past, such as casino run banks in Cyprus, and they want that those that originated those inefficiencies (in this case Cyprus and the citizens that chose their government) pay their fair part. Call it an incentive to be serious in the future.

The eurozone exists only 13 years. True, they should have attacked these inefficiencies earlier, but it is only because of the crisis and the spreading of toxic derivatives (thank you London) across the banking sector, that banks started to collapse and that the eurozone is forced to bail out banks and speed up the restructuring process. Better late than never. This restructuring phase will be very tough for the Eurozone, but only by doing it now and radically they will come out in a better shape for the future.

Primary goal is that the banking sector gets restructured and that the rotten apples are taken out/cured for a viable future. Don't forget that the Eurozone didn't begin with a clean sheet, but with many different situations and plenty of rotten apples. And there will be more yet to be discovered (Slovenia). The Eurozone banking system has to be restructured and harmonized first, before you can have a level playing field and you can supervise the sector on a European scale. In that process, depositors will be protected as much as possible, unless you have a hopeless casino banking situation like in Cyprus and a government which has a banking sector waterhead and nothing else to support welfare. Then the Eurozone will guarantee only the first 100.000 (at least for now).

Deposit guarantees up to €100.000 are issued by individual Governments across the Eurozone, but not by the Eurozone as such. These two Cypriot banks were totally bankrupt and the Cypriot government could not guarantee any deposits. So taxpayers elsewhere in the Eurozone are now paying for that State Guarantee in Cyprus by means of a 10 bln loan, of which it is doubtful if it will be ever repaid. When you read the press, you almost start believing it is the Cypriots bailing out the Germans.

Furthermore, Deysselbloem, has indicated that there is no blueprint. The word template was put in his mouth and he didn't recognize/know the word. His fault, but he corrected it. The rest of his explications all clearly indicated that this was a unique case, not a template. He has explained that there will be case by case solutions based on general principles geared towards banking viability and a minimum depositor protection.

At least this is a business like approach. And yes it means that you watch out where you put your money. In Iceland they paid 1% more than elsewhere and it was a Ponzi scheme. In Cyprus they paid 5% more than elsewhere and it was worse than a Ponzi scheme. I didn't hear the Cypriots complain, when they received 7% on their deposits for years.

Again, I find it pretty strange how all these countries (Greece, Cyprus), and with them the Anglo-Saxon press, primarily blame the Eurozone and Germany, when their crooked Ponzi schemes and businesses collapse.